Home builders are happy, especially in the Midwest

Thursday, August 15, 2013 3:10 PM

Confidence among U.S. home builders rose in August to the highest level since 2005, according to an industry group, Bloomberg reported. The National Association of Home Builders/Wells Fargo index of builder confidence climbed to 59 from a revised 56 in July, as demand for new houses supported the market amid rising mortgage rates. Two of the three components of the home builder survey showed improvement. The group's measure of the sales outlook for the next six months increased to 68 in August from 67 the prior month. The index of current single-family home sales rose to 62 from 59. Prospective buyer traffic was unchanged at 45. Home builders in the Midwest expressed the most confidence.